What Is the Xchange Leasing Program Offered by Uber?
What is Uber’s Xchange Leasing program — and how does it affect drivers? What types of cars are available on the Xchange Leasing Program?
Here’s everything you need to know, plus a few tips.
If you’re a new driver, you may have heard of Uber’s Xchange Leasing program. After launching in cities such as Los Angeles and San Francisco, Xchange quickly developed a reputation as a strong competitor to Breeze — a high-profile leasing and rental option for rideshare drivers.
Availability & Locations:
Xchange Leasing is currently available in the following locations:
- Los Angeles
- Orange County
- San Diego
- San Francisco
Xchange Vehicle Types (Full List, 2016):
The car types currently available on the Xchange Leasing Program are:
- Chevrolet Malibu
- Ford Focus
- Honda Accord / Honda Civic / Honda Fit
- Hyundai Elantra / Hyundai Sonata
- Nissan Maxima (*pre-owned version only) / Nissan Altima / Nissan Sentra / Nissan Versa
- Toyota Camry / Toyota Prius / Toyota Corolla / Toyota Yaris
Uber’s Xchange Leasing Program — What Is It?
The Xchange Leasing Program has a range of core features, including:
- Unlimited mileage
- Lease rates as low as $98.00 per week (excluding taxes and fees)
- A decent range of vehicles, including options for UberXL
- After 30 days and a $250 fee, drivers can terminate their lease with two-weeks notice
- Includes all oil changes; cabin air filter replacements; and tire rotations
- Rapid credit decisions
Uber’s Xchange leasing program is a system meant to attract ‘effective’ drivers — i.e., individuals who drive ten or more hours per week on the Uber Partner Platform.
Xchange’s ideal candidates are reliable drivers who are interested in working for Uber over the long-term.
Xchange Leasing is a subsidiary company, which has been set up to operate at cost. In order to obtain more effective drivers (and thereby increase the frequency and ‘population’ of active Uber drivers on the road), flexible financing is offered.
Flexible financing helps reduce one of the greatest barriers affecting potential drivers — namely, not having a car to use as a primary rideshare vehicle.
Of course, one of the most attractive features is Xchange’s offer of unlimited mileage. If you are a prospective rideshare driver that lives in an area with long pick-up and drop-off distances (i.e., many suburban and semi-rural areas), this leasing feature will be especially attractive to you. In comparison with other alternatives (including Breeze) Uber appears to be offering rates that are extremely competitive.
Xchange — Why is Uber offering the service to Driver-Partners?
As a company, Uber is spending a significant amount of capital in order to offer the Xchange program — it’s the company’s first foray into the lesing and rental market.
In many ways, it’s money that Uber, as a rideshare (and delivery/logistics) company, feels must be spent. Essentially — Uber benefits when there are more drivers on the road — vastly increasing it’s range of operation, and cementing its ubiquity as the nation’s top transportation option.
Establishing an easy-leasing scheme is the simplest and most direct ways to substantially increase the number of Uber vehicles — and drivers — on the road.
How the Xchange System Works
Drivers have the ability to choose the car of their choice based on their current budget and expected frequency of operation (vehicle choices are meant to be ensure they fit a driver’s specific goals and aims, and thereby allow drivers to easily make regular payments).
What kind of cars are available?
Options range from a VW Jetta to a Honda Civic (see Full Vehicle List above). Vehicles are 2010 models (or newer); have less than 60,000 miles; four doors; and a minimum of five seatbelts. Maximum amount of financing is $20,000.
For those who would like to take part in the Uber XL program, vehicles such as the Toyota Highlander will be available. This not only expands opportunity in terms of passengers, but will also allow current drivers to experiment with the Uber XL program (to see if the extra investment in a larger vehicle/extra capacity & added fuel expenses will lead to greater fares).
How Do I Sign-Up?
If you would like to sign-up for the Xchange program, simply go to your Driver Dashboard to access the Xchange Leasing option. After clicking the Leasing option, you will be shown a screen that starts the application.
Shortly after you apply, Uber Xchange will determine your eligibility — Uber’s goal is to process applications within two days. Since the demand has been fairly high, current processing times may be longer. If you are approved, Uber will then provide you with a list of network dealerships.
*Please note, by applying, you will generate a hard hit on your credit — so be sure you have read all the terms and conditions. Also make sure to investigate whether the service is right for you — some Xchange customers report less-than-satisfactory outcomes and unfavorable leasing conditions in certain locations.
Interested in participating in the Xchange program? If so, you can review all the details on Uber’s website — as well as submit your information & apply directly.